Ofgem has warned that vulnerable consumers are still getting a bad deal from energy providers, despite overall improvements in competition throughout the market. In a review of the sector, Ofgem found that the market share of the six largest suppliers has fallen to a new low as a result of increased switching, which caused their annual profits to fall last year for the first since 2014. A quarter of consumers are now signed up to small and medium-sized suppliers after switching to find a better deal for their gas and electricity. However, as of April this year, more than half (54 per cent) of households were still on a poor value default deal, and Ofgem said many customers in vulnerable circumstances continue to be the “most likely to be paying over the odds for their energy”. UK energy providers have made multiple increases to bills this year, with a combined total of 41 hikes announced since January. Ofgem has previously proposed a price cap of £1,136 per year for gas and electricity bills, which it says will save UK consumers around £1bn per year. Dermot Nolan, chief executive at Ofgem, said: “We have witnessed many positive developments in energy over… Read full this story
- Psychoactive substances completely out of control in prisons, watchdog warns
- City Hall wants to raise share capital of Energetica. From 2019 the heat will be subsidised only for vulnerable consumers
- Philip Hammond insists Brexit deal will deliver economic boost despite watchdog warning of damage
- Citizens Advice in £4bn competition watchdog case over rip-off consumer charges
- Martin Lewis warns millions of households need to switch energy supplier now
- Tens of thousands of households going without energy because they can’t afford to pay bills – how to get help
- Millions paying up to £264 extra to phone providers for mobiles they’ve already paid off – how to cut your bill
- Does Ofgem's price cap mean I don't need to switch energy supplier?
- Households overpaying on energy to the tune of £4 billion a year
Watchdog warns vulnerable consumers still getting a bad deal from energy providers have 322 words, post on www.independent.co.uk at October 11, 2018. This is cached page on CuBird. If you want remove this page, please contact us.